Corporate PresentationQ2 2020

TSXV: OM

Forward-Looking Statements& CautionaryNotes Regarding TechnicalInformation

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This presentation (the "Presentation") contains ""forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as atthe date of this Presentation. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but notalways, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”,“estimates”, “potential”, “feasibility”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken,occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This Presentation contains forward-looking information pertaining to, among other things: the Pine Point Project having world-class potential, including the potential to be one of the top ten zinc mines; the results of the PEA, including,but not limited to, the IRR, NPV and estimated costs, production, production rate and mine life; the expectation that the Pine Point Project will be an robust operation and profitable at a variety ofprices and assumptions; the expected high quality of the Pine Point concentrates; the potential impact of the Pine Point Project in the Northwest Territories, including but not limited to the potentialgeneration of tax revenue and contribution of jobs; and the Pine Point Project having the potential for mineral resource expansion and new discoveries. Forward-looking information is not aguarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions andexpected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equityand debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the development of its projects and pursue planned exploration; future prices of zincand lead; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; operating conditions being favourable; political and regulatorystability; the receipt of governmental and third party approvals; licences and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets;availability of equipment; and positive relations with local groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance,prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geologicalmodelling; capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental,environmental or other project approvals; Osisko Metals’ history of losses and negative cash flow; uncertainties relating to the availability and costs of financing needed in the future; changes inequity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of Osisko Metals to complete further exploration activities, including drilling; delays in thedevelopment of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of Osisko Metals toretain its key management employees and skilled and experienced personnel; and those risks set out in the Company’s public documents filed on SEDAR at www.sedar.com. Although theCompany believes that the assumptions and factors used in preparing the forward-looking information in this Presentation are reasonable, undue reliance should not be placed on such information,which only applies as of the date of this Presentation, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention orobligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

The information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America or to or for the benefit of anyUS Person as such term is defined under the United States Securities Act of 1933, as amended.

Reference to historical production in the vicinity of Osisko Metals properties in this Presentation does not imply that any future mineral resources or discoveries will be of economic viability, nor doesit imply that additional discoveries will be made.

PRELIMINARY ECONOMIC ASSESSMENT

This PEA was prepared for Osisko by BBA Inc, WSP Canada Inc. and other industry consultants, all Qualitied Persons (“QP”) under National Instrument 43-101. The study was coordinated by theCompany’s Project Manager Annie Beaulieu P.Eng. and in collaboration with the Osisko Gold Royalties Technical Services Group. The QPs have reviewed and approved the content of this pressrelease. Independent QPs include:

Colin Hardie, P.Eng., Pierre-Luc Richard, P. Geo. (BBA)

Hugo Latulippe, P.Eng., Eric Poirier, P. Eng. (WSP)

QUALIFIED PERSON

The scientific and technical information contained in this Presentation has been reviewed and approved by Robin Adair, P.Geo. VP Exploration of Osisko Metals, a “Qualified Person" within themeaning of National Instrument 43-101 – Standards for Disclosure of Mineral Projects.

• Metal markets (excluding gold) are at 100 year lows.• Decade-long divestment from resource sector is leading to

global base metal reserve depletion.• Unsustainable situation that will lead to supply deficits.• Well positioned to develop one of Canada’s largest zinc-

lead projects.• Pine Point After-Tax NPV of $500M and IRR of 29.6%

• Payback of 2.8 years• Average annual production of 327Mlb of zinc and

143Mlb of lead• Expected C1 cost of US$0.67/lb

Key Take-aways

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Metal Mining Valuations At All-Time Lows

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Mining sector remains out of favor and primed to deliver sizeable gains as it returns to the average

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Construction And

Source: Wood Mackenzie

Construction And Infrastructure Will Drive The Demand For Zinc

0

200

400

600

800

1000

1200

1400

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Zn in

Con

cent

rate

(kT)

Red Dog Pend Oreille Middle Tennessee Greens Creek Empire State (Balmat)

East Tennessee Doe Run Bracemac McLeod Caribou Kidd Creek

Secondary Hudbay Manitoba Langlois

• Supply gap to re-appear within the next 2 years

• North American mine production: 35% drop expected in 5 years.This is similar to the global trend.

North American Zinc Supply Deficit Is Coming

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35% Drop in NA Zinc

Production

Source: CRU, Wood Mackenzie and Osisko Metals

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The Pine Point Mining Camp

Positive PEA Outline Potential For Significant Zinc And Lead Project

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• After-Tax NPV of $500M and IRR of 29.6%• Potential To Be Top 10 Zinc Mine On Production Basis• Rapid Payback Of 2.8 Years

• Infrastructure In Place:

• Hydroelectric Power Substation Located on Site

• Rail Access Within 60km

• Paved Roads to Site and ~100km of 25m Wide Haul Roads on Site

• Premium High Grade Concentrate: Among the Cleanest and Highest Quality Globally

• Opportunities To Enhance PEA:• Resource expansion laterally along open pit-constrained boundaries of deposits;

• Metallurgical testing and material sorting efficiency options to further optimizerecoveries and increase the sorted coarse material fraction;

• Incorporation of automation to reduce camp and personnel requirements.

Large Near Surface Resource Base

Exploration Upside Project De-Risking in

Parallel

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Support Infrastructure Already In Place

• Paved Highway Access.• Low-Cost Hydro-Electric Power Available

On Site From Taltson Dam.

• Within 42 km of Hay River,• Known as the “Hub of the North”.• CN Rail Head From Edmonton & Airport.

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PEA Financial Overview

Internal Rate of Return ("IRR") After Taxes 29.6% After-tax Net Present Value ("NPV") (Discount Rate 8%) $500M After-Tax Payback Period (Years) 2.8 Pre-Production CAPEX (including $71.2M Contingency) $555M Average Annual LOM Production Zinc 327Mlb Average Annual LOM Production Lead 143Mlb Life of Mine ("LOM") 10 Years Total Mineralized Material Mined 39.1Mt Average Diluted (12%) ZnEq Grade 6.17% Gross NSR Revenue After Royalty (LOM) $4,371M

After-tax Operating Cash Flow (LOM) $1,064M C1 Costs over LOM (ZnEq) US$0.67/lb Estimated All-In Costs (Total CAPEX plus OPEX, ZnEq) US$0.82/lb

LOM Zinc Price US$1.15/lb LOM Lead Price US$0.95/lb FX Rate (CAD:USD) 1.31

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Pine Point On The Cost Curve

Source: SNL

Pine Point LOM PEA C1 Cost: 67¢/lb

Pine Point is expected to be within the second cost quartile on a total cash cost basis.

Profitable at ALL points in the zinc cycle.

Well positioned on the cost curve relative to peer projects.

Over ~25% of the cost curve is unprofitable in this price environment

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Annual Production of Metal In Concentrates

050

100150200250300350400450500

1 2 3 4 5 6 7 8 9 10

Annu

al P

rodu

ctio

n (M

lb)

Year

Zinc Lead

• Sourced mainly from small, near-surface open pits with additional contributions from 8 high grade, shallow deposits mined by underground methods from the West and Central Zones.

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Potential To Be A Top 10 Zinc Producer

Global Rank Project Location Current Controlling

Company(s)Production - Zinc

(tonnes)

1 Red Dog USA Teck Resources Ltd. 583,200

2 Rampura Agucha India Hindustan Zinc Ltd. 572,441

3 Antamina Peru

Glencore Plc, BHP Group, Teck

Resources Ltd., Mitsubishi Corp.

409,300

4 Kazzinc Consolidated KazakhstanGlencore Plc, Government of

Kazakhstan309,700

5 Mt Isa Zinc Australia Glencore Plc 278,200

6 McArthur River Australia Glencore Plc 254,300

7 San Cristobal Bolivia Sumitomo Corp. 217,000

8 Sindesar Khurd India Hindustan Zinc Ltd. 171,189

9 Dugald River Australia MMG Ltd. 147,320

10 Yauli Peru Volcan Compañía Minera S.A.A. 146,600

11 Penasquito Mexico Newmont Corp. 144,338

12 Vazante Brazil Nexa Resources S.A. 140,842

13 Tara Ireland Boliden AB (publ) 131,742

14 Cerro Lindo Peru Nexa Resources Perú S.A.A. 130,349

15 Bisha EritreaZijin Mining Group Co. Ltd., Eritrean

National Mining Corp.125,000

Peak Production

Average Production

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Among The Cleanest Concentrates In The World

Lead & Zinc Concentrates: Premium, High Grade and Clean

• High recoveries for both lead and zinc using conventional flotation processes

• High concentrate grades: Zinc (59%) & Lead (64%)

• Low deleterious elemental content

• No smelter penalties expectedAssumptions: Major Element Penalties is Fe+Cu+Pb+SiO2; Minor Element Penalties is As+Cd+Mn+HgSource: Wood Mackenzie & NR dated August 7th 2019

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

Maj

orEl

emen

t Pen

altie

s

SiO2

Fe

Pb

Cu

0

1,000

2,000

3,000

4,000

5,000

6,000

Min

orEl

emen

t Pen

altie

s (pp

m)

Mn

Hg

Cd

As

PP

P

P

P

P

P

P P

P P

P

PP: Above Penalty Level P: Above Penalty Level

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Plant Site Layout

Concentrator Layout

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Access To International Concentrate Markets

• Concentrates can be shipped to ports in Vancouver or Prince Rupert toaccess Asian markets or across Canada for European markets.

• Rail Distances:• Edmonton to Hay River 970km• Edmonton to Prince Rupert 1,300km• Edmonton to Vancouver 1,245km

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MRE Expansion In East Mill Zone

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Deposit Boundary Target Areas

Over 11 deposits open across Pine Point

Dolsparalteration

Watt Mountain Shale

Sulfur Point (Dolomitized)

Pine Point carbonates

Pine point poorly investigated

Deposit Styles at Pine Point (MVT)

“B Spongy” unit(base of Pine Point)

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High Grade Historical Drilling Not Included In Current Resource

Hole Name TrendWidth Metres Lead Zinc Lead +

Zinc Grade * Metres(m) % % %

1362 Main 4.88 2.49 10.75 13.24 64.6

1883 North 5.27 5.03 16.24 21.27 112.12952 North 7.62 2.28 4.42 6.7 51.13053 Main 17.07 3.73 6.88 10.62 181.33280 North 4.27 2.23 5.75 7.98 34.15322 Main 4.57 7.83 5.63 13.47 61.66818 North 11.28 1.61 5.13 6.74 76.0

YR81-48-4 South 3.05 0.70 10.30 11.00 33.6

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Appendices

Executive Team & BOD Have A Proven Track Record

ManagementRobert Wares, P.Geo, Chairman & CEO

Jeff Hussey P.Geo, President & COO

Anthony Glavac CPA CA, CFO

Killian Charles, VP Corporate Development

Robin Adair P. Geo, VP Exploration

Board of Directors

Independent:

John Burzynski, P. Geo, Director

Luc Lessard, P. Eng, Director*

Amy Satov, LLB, Director*

Cathy Singer, LLB, Director*

Don Siemens, CA, Director*Non-independent:

Robert Wares, P.Geo, Chairman

Jeff Hussey, P.Geo

* Committee chairperson

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Project Boundary Location

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PEA CAPEX Overview

Initial Sustaining Total Owner’s Cost 17.0 - 17.0

Underground Mine - 220.7 220.7

Surface Mine 14.9 75.7 90.6

Electrical 15.5 15.5

Infrastructure 52.5 11.2 63.7

Processing 249.3 - 249.3

TMF and Water Management 67.1 85.1 152.2

Indirect Costs 68.2 - 68.2

Contingency 71.2 18.2 89.4

Reclamation (net of salvage) - 47.1 47.1

Total 555.7 458.0 1,013.6

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PEA Mill Overview

Crushing and Pre-Concentration Circuit Throughput 11,250tpd

Coarse Fraction 70%

Fine Fraction 30%

XRT Mass Recovery 42%

Total Mass Recovery (including crusher fines) 59%

Grinding and Flotation Circuit Throughput 6,700tpd

XRT LOM Recoveries

Zinc 93.4%

Lead 99.0%

Flotation LOM Recoveries

Zinc 92.9%

Lead 94.1%

Overall LOM Recoveries

Zinc 86.7%

Lead 92.8%

Gap In Global Supply To Reappear

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Pine Point Collaboration Agreements Show Community Support

• September 30th: Osisko Metals announced two separate CollaborationAgreements with:

• Deninu Kue First Nation

• Northwest Territory Metis Nation

• Both Indigenous communities are located near the Pine Point Project.

• Collaboration Agreements promote a cooperative relationship related toexploration and development activities at Pine Point.

• The Agreements support education, training, employment, businessand contracting opportunities.

• Information sharing, site visits and broad outlines of topics for futureagreements are also included.

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Contacts

1100, av. des Canadiens-de-MontréalSuite 300Montreal, Qc, H3B 2S2Tel: 514-940-0670 Fax: 514-861-1333

Investors and General Inquiries: info@osiskometals.com

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